10月7日，游人在杭州大运河杭钢公园观看飞行器飞行表演。国庆假期，杭州大运河杭钢公园亮相多款 飞行器，让游人近距离了解低空交通发展前景。中新社记者 吴君毅 摄 10月7日，游人在杭州大运河杭钢公园观看飞行器飞行表演。国庆假期，杭州大运河杭钢公园亮相多款 飞行器，让游人近距离了解低空交通发展前景。中新社记者 吴君毅 摄 10月7日，向游人展示的载人飞行器。国庆假期，杭州大运河杭钢公园亮相多款飞行器，让游人近距离 了解低空交通发展前景。中新社记者 吴君毅 摄 10月7日，向游人展示的载人飞行器。国庆假期，杭州大运河杭钢公园亮相多款飞行器，让游人近距离 了解低空交通发展前景。中新社记者 吴君毅 摄 10月7日，向游人展示的双座多旋翼航空器。国庆假期，杭州大运河杭钢公园亮相多款飞行器，让游人 近距离了解低空交通发展前景。中新社记者 吴君毅 摄 10月7日，载人飞行器吸引大量游人观看。国庆假期，杭州大运河杭钢公园亮相多款飞行器，让游人近 距离了解低空交通发展前景。中新社记者 吴君毅 摄 ...

Core Insights - The 2025 World Manufacturing Conference was successfully held in Hefei, Anhui from September 20 to 23, focusing on the theme "Intelligent Manufacturing, Creating a Better Future" [13] - The conference attracted guests from over 40 countries and regions, featuring 4 major events, 6 project matchmaking activities, and 23 specialized activities [13] - The exhibition showcased achievements in new industrialization, particularly in artificial intelligence, with a dedicated robot section and the release of several large model technologies and application scenarios [13] Group 1 - The conference served as an important platform for international cooperation and was approved by the State Council, aligning with national diplomatic strategies [13] - A total of 735 cooperation projects were facilitated during the conference, with a total investment of 380.2 billion yuan, marking a 2.4% increase in project numbers and a 3% increase in investment compared to the previous year [15] - Manufacturing projects accounted for over 90% of the total, with the Yangtze River Delta region contributing more than 50% of the project numbers and total investment [15]

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][36]. Core Insights - The low-altitude economy index increased by 9.8% this week, with an average daily trading volume of 31.152 billion yuan, indicating a significant rise in market activity and valuation [3][13]. - The military performance of Chinese weaponry in the India-Pakistan conflict has led to a reevaluation of the aerospace sector's value, particularly in the military industry [3][13]. Sector Performance - The low-altitude economy index outperformed the Shanghai and Shenzhen 300 index by 7.92% this week [3][13]. - The price-to-earnings ratio (TTM) reached 96.48, placing it in the 99.58% percentile over the past year [3][13]. - The average daily net inflow of main funds was 254 million yuan, indicating a shift towards net inflows from major investors [3][13]. Individual Stock Performance - The top five performing stocks this week were Chenxi Aviation, Aerospace Nanhu, Aileda, Sichuan Electronics, and Andavil, with significant weekly gains [4][18]. - Conversely, the five stocks with the largest declines included Wolong Electric Drive, Yingboer, Bozhong Precision, Xiaopeng Motors-W, and *ST Shengxun [4][18]. Industry Dynamics - The report highlights the release of the "2024 County (District) Low-altitude Economy Industry Development Index Report," which evaluates various indicators across leading counties and cities [5][22]. - A low-altitude regulatory service platform has been established in Qingdao, enhancing the management and monitoring of low-altitude airspace [5][22]. - Four major low-altitude economic projects have been signed in Shanghai's Qingpu District, focusing on various aspects of the low-altitude economy [5][23]. Policy Developments - Sichuan Province has issued several policy measures to support the development of the low-altitude economy, including financial support for the construction of general airports and low-altitude management systems [6][31]. Key Company Developments - Wofei Chang Kong has signed a strategic agreement with China Construction Bank and Jianxin Financial Leasing, securing a total financing amount of 6 billion yuan, marking the highest financing leasing credit in the domestic eVTOL sector [7][32]. - Zero Gravity showcased its ZG-ONE "Que Fei" model at the 2025 World Expo in Osaka, Japan, highlighting advancements in Chinese aviation technology [7][35]. - Zongheng Co., Ltd. has won bids for low-altitude projects in Sichuan, indicating active participation in the sector [7][35].